Hello!
I'm doing my first self assessment this year. I first let my property in May 2017, having paid a big bill for major external works late in 2014. These works were officially completed in May 2017, confirmed by the administration company, and are meant to be done every 7 years.
Based on this, am I allow to deduct to total bill of for the works during this tax year 2016-17 since the works were completed during the lease period? Should I instead deduct the proportional yearly amount since the amount should cover a 7 year period?
What about deducing buy to let mortgage product fee and/or exit fee of the previous mortgage to get that buy to let? Since they are cost I had to incur to let the property, can they be deducted?
Many thanks!
I'm doing my first self assessment this year. I first let my property in May 2017, having paid a big bill for major external works late in 2014. These works were officially completed in May 2017, confirmed by the administration company, and are meant to be done every 7 years.
Based on this, am I allow to deduct to total bill of for the works during this tax year 2016-17 since the works were completed during the lease period? Should I instead deduct the proportional yearly amount since the amount should cover a 7 year period?
What about deducing buy to let mortgage product fee and/or exit fee of the previous mortgage to get that buy to let? Since they are cost I had to incur to let the property, can they be deducted?
Many thanks!
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